Midland goes further to satisfy demand

With property prices heating up and land developers bidding skyrocketing prices for scarce land, finding a good property is tough business in Hong Kong these days and buyers need all the help they can get.

All the more reason then why one of the largest real estate agencies, Hong Kong-listed Midland Realty, has to regularly recruit copious talent in an effort to fuel the gnawing gap between demand and supply.

Midland, which currently hires around 200 people every quarter, offers three weeks of practical and classroom training to the new recruits and prepares them for the multiple choice Estate Agents Authority examination they must pass in order to secure a licence that will enable them to properly work as an estate agent.

'The pass rate for the examination is not that high which is why we tend to recruit more people at the beginning in anticipation of the fact that not everyone will make it through,' said Kitty Ip Kit-yee, managing director for the agency's corporate division. In 2006, only 44 per cent of candidates in Hong Kong passed the examination, she added.

The Estate Agents Authority was set up in 1999 to improve protection for property sellers and buyers, and better regulate the profession of which the mandatory licensing exam is a crucial component.

'The examination is not easy to pass because the job involves a range of legal issues between the buyer and seller. An agent's income is also considered good in the sales industry so the authority wants to ensure those who qualify as agents have reached a high standard,' Ms Ip explained.